112.A firm that earned $20,000 (after tax) had the following securities outstanding all year during, which the tax rate was 40%: 20,000 common shares 1,000, 6%, $100 par cumulative nonconvertible preferred shares 2,000, 4%, $50 par noncumulative preferred shares, each share convertible into 5 common shares 100, 8%, $1,000 convertible bonds, each bond convertible into 10 common shares (bonds were issued at face) No dividends were paid for the year. The diluted earnings per share for the year should be (rounded to the nearest cent): A. $0.70 B. $0.47 C. $0.73 D. $0.86